Trulia: The parents are moving in...

More seniors start living with their kids

Thanksgiving is quickly approaching, ushering in a season filled with friends, family and food. But this year, in many households, extended family has to go no farther than the next room to meet up with their loved ones.

There has been an increase in multi-generational living over the last few years, which affects the need for multi-generational households, a recent Trulia blog explained:

The last few years have seen an increase in multigenerational living. Young adults became far more likely to live with their parents during the recession than before and haven’t really started to move out. On the other side of the life cycle, seniors – specifically adults 65 and older – are also more likely to live with relatives than in the recent past. That means fewer Americans today need to go “over the river and through the woods” to see Grandma and Grandpa for Thanksgiving than they did 20 years ago.

However, the pending future of your in-laws living with you depends heavily on whether your elders were born in the U.S. or abroad.

According to Trulia, 25% of foreign-born seniors live their parents, compared to only 6% of native-born seniors.

But just because your parents were born out of the country does not mean they are about to move in. Taking it a step further, the likelihood of them living with you also greatly varies by the country of birth.

India, Vietnam and Haiti rank as the top three countries for the share of seniors living with relatives at 47%, 44% and 41%, respectively.

On the other side, the U.S., Germany and Canada fell to the bottom of the list, with only 5% to 6% of elder adults living with younger generations.

As a whole, Trulia explained that demand for multi-generational households is expected to rise as more seniors start living with their families.

And while Thanksgiving is a time for meeting up with the folks, the travel time for a large number of families has been cut down from a plane ride to a simple walk around the pantry.

Brena Swanson is formerly the Digital Reporter for HousingWire. Brena joined the HousingWire news team in February 2013, also serving in the roles of Reporter and Content Specialist. Brena graduated from Evangel University in Springfield, Missouri.

This month inHousingWire magazine

The appraisal industry is in the midst of huge disruption as automated valuation models and hybrid appraisal products gain favor with regulators and investors. What does the future hold for appraisers and appraisal companies as they adjust to the new realities of automation?

Feature

As Millennials grapple with paying off student loans, their opportunity to buy a home gets pushed further and further into the future. That delay has consequences far beyond individual students — the growing student debt crisis impacts every part of the economy.

Commentary

There has been a conscious and rapid shift to broaden the use of alternative valuation products for origination. Not every decision needs a $500, full-blown 1004 interior appraisal. And in some markets where appraisers are short in number, the turn times can stretch from days to weeks. What these new alternative — some would say disruptive — valuation products do is enable lenders and servicers to better match the product to the risk by harnessing big data and technology.